economics

Was Marx wrong about the declining rate of profit? William Jefferies response to James Doughney
William Jefferies — James Doughney’s attempted refutation of Karl Marx’s law of the tendency of the rate of profit to fall is thoughtful and thorough, but ultimately wrong.

Behind Trump’s spiralling tariff war: An interview with Marxist economist Michael Roberts
Michael Roberts explains the recent raft of tariffs announced by US President Donald Trump, how they fit into his broader project to reassert US global hegemony, and what a left response could look like.

From welfare to warfare: military Keynesianism
Michael Roberts — Keynesianism advocates digging holes and filling them up to create jobs. Military Keynesianism advocates digging graves and filling them with bodies to create jobs.

Marx was wrong about the declining rate of profit. Isn’t it time we put this false idea to rest?
James Doughney — Careful attention to Marx’s exposition of the theory of the declining rate of profit demonstrates that his theory is not coherent, even in its own terms.

The epochal crisis of global capitalism — Challenges for popular resistance from below
William I Robinson — Faced with an unprecedented crisis of epochal proportions, global capitalism’s extermination impulse is rising to the surface. Never has the slogan “resist to exist” been more opportune and appropriate.

Serbia in 2024: A mirror on capitalism’s global crises
Dmitry Pozhidaev — In 2024, Serbia offered a particularly clear reflection of the three core dimensions of capitalism’s crisis: political, economic and systemic.

Reimagining socialism: An interview with David Kotz
David Kotz dissects the lessons from the Soviet model, explains why capitalism cannot be reformed and makes a case for democratic socialism.

The Nobel Prize for Institutions: A critique of Acemoglu and Robinson’s framework
Dmitry Pozhidaev — In many ways, Acemoglu and Robinson’s framework echoes the “end of history” thesis popularised by Francis Fukuyama.